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“In other words, hourly billing fails to reward the diligent, the efficient and the able: its focus on the cost of time, a truly movable feast, simply does not reflect the value of work.”

He said: “In practical terms, any business which bases its charges simply on costs does not deserve to succeed, or even, some might say, to survive

“One of the main reasons for the decline of British industry between 1880 and 1980, and especially in the first half of the 20th century, was its charging system – that of cost plus – compared with its German and US competitors, who charged market value.”

He said: “That no one has suggested a viable alternative is something which needs to be remedied, and the sooner the better.

“An approach to litigation costs based on value-pricing rather than hourly-billing is one which urgently needs to be worked out and applied.

“Rather than treating time as the commodity which is being sold, we should be adopting an approach where skill and experience are the commodities which are sold.”